In the first episode of 2021, we have Jake Taylor, CEO of Farnam Street Investments, author of The Rebel Allocator and host of the Five Good Questions podcast and Value: After Hours series on YouTube. Jake, like us, seeks to apply learnings from other professions and perspectives to value investing. Committed to value investing since he had lunch with Warren Buffet while in business school, Jake shares with us his passion for learning from others and discussing the value style with potential converts.
You can find Jake on Twitter @farnamjake1
01:53 Jake’s background
03:36 How Jake became involved in value investing
04:49 Value investing in financial education
07:45 The role of accounting in value investing
08:38 Jake’s podcast, YouTube series, and book
13:15 A call from Charlie Munger
16:00 How do we know if something is True?
20:05 How to implement base rates and other ‘best practices’
24:39 How do you deal with uncertainly and maintain long term focus in an industry that is increasingly short term?
28:08 How do you make decisions when faced by a litany of individual probabilities with the visible and invisible webs?
34:03 The power of saying ‘no’
37:42 Reflecting on reasons why you said no
41:25 What is a bad decision you made?
45:40 Book Recommendations: Nature of Value by Nick Gogerty, Nonzero: History, Evolution, and Human Cooperation by Robert Wright and The Essays of Warren Buffett
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